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>> susie: a big triple-digit rally on wall street, thanks to big profits from corporate america and a breathrough in those debt talks in washington. >> tom: then, after the closing bell, apple is top banana in the company reports staggering earnings as consumers buy a record 20 million iphones. it's "nightly business report" for tuesday, july 19. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> tom: good evening and thanks for joining us. a banner day for blue chips. the dow surged more than 200 points, its best one-day performance this year. at the close, the dow added 202 points, the nasdaq rose 61 and the s&p 500 up 21 points. then after the bell, susie, apple did it again, posting stunning earnings. >> susie: tom, we're running out of adjectives to describe the amazing growth at apple. it earned $7.79 a share in its fiscal third quarter, crushing estimates by almost $2. revenues also came in better than expected, up 82% to $28.5 billion. and that growth comes as consumers keep s
economy and do what's best for our people. >> tom: the president aims for a big budget deal, not a stopgap measure, before the end of the month. it's "nightly business report" for tuesday, july 5. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. with the united states rapidly running out of borrowing room, the president is calling on republicans and democrats to move quickly. mr. obama has called leaders from both parties to the white house for a meeting thursday and susie, he's urging them to think big. >> susie: tom, with the calendar pressuring politicians to negotiate a plan allowing the u.s. to borrow more money, the president wants a deal cut in a few weeks and says it should not be a temporary one lasting only a few months. >> tom: the budget bargaining now heads to the white house with less than a month before time runs out. darren gersh reports. >> rep
it's now clear big decisions will have to be made soon. >> by putting social security "on the table," the president is sort of calling the g.o.p. bluff. "okay, here is social security. i've told you medicare will be on the table. are you willing to put revenue increases on the table?" >> the white house believes a $4 trillion agreement is within reach. whether it can be reached will become much clearer this weekend. darren gersh, "nightly business report," washington. california is making progress on its rating. standard and poors today raised its outlook for the golden state from negative to stable. the reason, california was able to pass its budget on time, closing what was once a $27 billion gap. here are the stories in tonight's "n.b.r. newswheel." two encouraging reports about the job market-- payroll processing firm adp says, by its count, american businesses added 157,000 jobs in june. economists were expecting many fewer. that's encouraging for an upside surprise when the labor department reports june job numbers tomorrow. also, fewer people filed for unemployment benefits l
," washington. >> tom: if richard cordray is confirmed, part of his job will be checking the books of big banks. we'll get a better idea of how they're doing in the coming days when many report quarterly earnings. by the end of this week, 40% of financial firms in the s&p 500 will have reported their numbers. as a group, the results are expected to be downright awful. erika miller reports. >> reporter: banks are the heartbeat of the economy, so their health is often used as a barometer of the recovery-- and the stock market. unfortunately for investors, bank analyst jim sinegal sees plenty of uncertainties ahead. >> in addition to macroeconomic uncertainties, with unemployment high, with g.d.p. growth slow, will the banks be able to add new loans? that's number one. number two is the regulatory uncertainty. we are still not sure where capital levels are going to fall out, and how that's going to affect profitability. >> reporter: as for profitability, diversified financials are expected to be the worst performer this earnings season-- down 94%. this is the group that includes bank of america, j
that we still have a big hole to fill. gwen: who is in that big hole? and why is it that month after month, and after month, it never seems to get more shallow? >> let's go back a little ways. a few months ago, the economy seemed to be having a nice head of steam. we were seeing very strong job growth numbers of 200,000 per month. and suddenly everything seemed to hit a wall. we've had a run of bad luck. we had very bad snowstorms earlier this year, a series of natural disasters here. the big hit came from gasoline prices that shot up to around $4 for gasoline because of the libyan rebellion. and finally the japanese earthquake and tsunami turned out to be a much bigger negative for us than we may have appreciated. because it cut off the flow of vital parts. put all those things together and it cost a lot of momentum. may very poor job numbers and in june, very poor job numbers. it was kind of surprising because in fact over the last few weeks, we had a wave of optimism because some of those tempering negatives seemed to be going away. as gasoline prices dropped and japan got back to norma
today for as big a deficit agreement as possible. that will require leadership and hard decisions, the president said, and not just from politicians. darren gersh reports. >> reporter: before he sat down with congressional leaders, the president said both parties talk tough about fixing the nation's debt problems, but they still aren't willing to come to the table and make hard sacrifices. and he added another group to that list: the nation's business leaders. >> the business community is a lot like everybody else, which is we want to cut everybody else's stuff and we want to keep our stuff. we want to cut our taxes, but if you want to raise revenue with somebody else's taxes, that's okay. and that kind of mindset is why we never get the problem solved. >> reporter: but house speaker john boehner says there is a reason businesses shouldn't be asked to give more now. >> our disagreement with the president is not about closing loopholes. none of us are fond of loopholes. our disagreement is over the idea of raising taxes on the very people that we're asking to create jobs in our cou
trillion over the next ten years or a big budget deal, $4 trillion with tax increases also over the next ten years. do these scenarios fill out a possibility or are they off the table. >> i think it's still going to ultimately be one of those three buckets. there's the first model which is basically politicians come together, can't hash out a deal and put in budget profits reform with targets where they'll come up with savings later or some kind of spending tax, promising to cut spending but they don't still in the policy. that's probably too close to what we've seen in the past or politicians say they'll do something but they'll get specific about how. the other two deals are more specific policy changes that will be included with the debt ceiling increase, either a smaller deal in the neighborhood how far 1 to $2 trillion dollars and stays away from the hard issues, no taxes, no social security or healthcare or the big deal we've been calling it to fix the deficit in this situation. that's what president obama and leader boehner have talked about. that's the group of senators the gage
, i think first of all the president realizes we have to get a big deal. as we discussed a couple of weeks ago or last week, charlie, if you don't send the appropriate signal to international financial communities, you can raise the debt ceiling but the interest costs are going to go through the roof. so it has to be a big deal and so i think he recognizes that. and i think speaker boehner subpoena looking at the reality of what's going to happen in 2013 without agreeing to what the president said. we're going to have 4.9% increases on taxes on everybody earning er $200,000 a year anyway just from the affordabl care act. so you'll see significant increase in taxes withoutany increased taxes put on the table. i think they can do a deal and i think a deal can get done if, in fact, we do take away a lot of the tax eendires and lower the rates so thatwe get an economic boom that would come a that. so i think it's still possible. i think things tend to happen in washington when they have to so my slope that something will come togher and occur. >> rose: how long do you think it will ta
to more than two or three people. if you are talking to an audience, a big audience in a theater or a movie audience, but with television, if there are more than two or three people in the room, they're talking to each other, they're not listening to you. that camera lens became sitting and like talking to you. that is what i loved about it. tavis: there is some much stuff in this book, and there are several things i found fascinating and funny. fascinating, you apparently love crossword puzzles. >> absolutely addicted. i carry them around my purse. i am stuck on the one, the car driving me here, about halfway through but i did not finish. i said i will finish on the way back. tavis: how did you develop a love for the crosswords? >> i don't know, i love words. i am not into numbers that much, and there are people looked on that, but crossword puzzles. if i get a puppy and a paper trained him, all of a sudden i would open the paper and would be a cross word, no, you cannot go on that. tavis: are you pretty good a crossword puzzles? >> i am not a wizard, but i do them so much, pret
the hacking happened. it is a big acts, but i do not think it solves the real issue and news international. >> i am satisfied that rebecca -- her leadership in the business and her standard of ethics, her standard of conduct throughout her career are very good. >> with big consumer company after big consumer company pulling their advertising from quoted news of the world," the commercial future -- from "news of the world," the commercial future was looking bleak. >> it is going to be investigated. there must be a full judicial inquiry. >> here is the other newspaper jewel acquired by rupert murdoch in 1969," the sun." could there be a sunday without a murdoch tabloid? unthinkable, surely. >> despite today's announcement, the fallout from the scandal seems to be far from over. scotland yard say they have identified 4000 possible hacking victims. an inquiry will start into possible wrongdoing by police officers. we have the latest on that part of the case. >> this famous newspaper titles may have been confined to history, but the scrutiny of its methods goes on. britain's most senior policem
, the risk of a u.s. default is also a big worry for many older americans. they're conditioned about their monthly social security payments. now we placed several unanswered calls expecting social security checks on august 3. an additional 27 million beneficiaries expect payments later in the month. we caught up with a couple of them to see what's on their minds. >> it's a scare tactic. i mean because there's so many other things that they can stop before they stop social security checks. >> whether it is the republicans or democrats win this game, you have to remember next year is an election year again. so they're posturing themselves. and they're playing a game that is kind of tough. but again they have to get something passed sooner or later. >> susie: so far, the treasury has not provided details on how the government will decide which bills to pay if the borrowing limit is not raised. executives from the country's biggest banks met today with treasury officials in new york ahead of tuesday's deadline. they discussed how debt auctions would be handled if congress fails to raise
. trading volume was light. 770 million shares on the big board, 1.6 billion on the nasdaq. despite today's job worries and a shortened trading week, the dow was positive on the week rising 0.6%. the nasdaq gained better than 1.5% since last friday. and the s&p 500 also ticked a fraction higher, up 0.3% on the week. >> susie: that dismal jobs report has everyone asking-- how do we fix the problem? joining us with some thoughts mark zandi chief economist at moody's analytics. >> mark. >> hi, susie. >> how do we put americans back to work? >> well, i think this will put the onus back on congress and the administration to do at least a few more things to try to help the job market the next 6-12 months. one would be to extend the current payroll-tax holiday which if there is no legislation will expire at the end of this year, so that's a likely thing they could do. there is also a suggestion of providing more help to state and local governments. as you know, as we see in today's job numbers a big chunk of the jobs lost is occurring at state and local governments under pressure and cutting job
scale, he tried, he went for something big and failed. >> boehner is clearly on board for something. but i think right now the other four lders are trying to figure out is this politically where we want to go and can we assemble the votes for something of this magnitude. >> we conclude by turning to the n.b.a. and n.f.l. labor disputes with sally jenkins of the "washington post" and kevin blackistone of the university of maryland and espn. >> maybe it's time for fans to reassess why they're spending like crack addicts on the four major sports when there are lots of other affordable, available things to watch for a lot less money that appreciate the fans perhaps a little bit better and who value the fan more properly. >> with the n.f.l., it's very much reflective to me of what we're going through in america right now where in 201 you've had record profits in corporate america yet corporate america points to the economy, says it niece bad shape and pois to unions and workers and asks for concessions. that's the exact same thing going on in the n.f.l. when you talk about $9 billion in
&p 500 down about six points. the losses came on heavier trading volume-- 923 million shares on the big board and over two billion on the nasdaq. >> susie: joining us now to put all these developments in perspective, mohamed el-erian, c.e.o. and co-chief investment officer of pimco, the world's largest bond fund. >> a lot to talk about. >> there's a lot >> susie: let me begin with the fed. do you think the fed is going to come out with another round of stimulus? is it a good thing? >> well, they're divided. in the minutes some people said perhaps we need more stimulus. others said oh, no, not too fast. worry about inflation. i think what the fed is telling us for sure is two things. one is revised downward growth projection, not just for 2011, but 2012, tells us that the slow down is more than cyclical. second to they're acknowledging they're driving in the fog. there's a lot of disagreement as to what the outlook looks like, and whether policy should be changed or not. so basically what they're telling us is, we will act. we just don't know what we're going to do. >> susie: is this a g
grandmother would say that is high cotton. you're hanging out with tom hanks and julia roberts. >> that is big time. they have an entourage. they are walking around with their cert. i have two image awards. mine are heavier. tavis: tell me about this character that you play in "larry crowne". neighbor.s larry's he is the big time dude in the neighborhood because he won the lottery. they have a daily are still. tavis: a daily yard sale? >> so i am having with people and that is my thing. throughout the movie. i am trying to be people with the price. i do not care. you are trying to buy an old speed racer lunchbox, i am trying to get $100. tavis: did you ever do the yard sale thing? >> i would like to go buy them sometimes to see what people have but if never tried to sell my old stuff. i have a yard sale, here they come. get the good stuff out there. tavis: i was about to ask, if you had a yard sale, what do you have to put on display? >> it is always a little recycling, clothing and suits and the kind of thing. some golf and equipment. i have a lot of golf clubs i would give away. and you give
these months of doing nothing, sided with the $4 trillion a solution, the big solution, which includes tax reform and dealing with entitlements. maybe i'm whistling past the graveyard, but for the first time i feel a tiny bit of hope they can get this done. >> did we hear a suggestion from speaker boehner earlier this week that possibly, they might consider an increase in tax revenues? >> if you were to means test social security, for example, not a crazy idea, but it is a tax increase -- >> it is not a tax increase, it is a reduction of benefits. >> obama, as far as i can tell, has basically, and so far, thrown in the towel. he says he wants to have some loopholes close, but that unsystemic revenue increase does not get you very far. the question that is where you got? -- where do you cut? you have to cut everywhere, especially in science, especially defense, but you also have tax increases -- especially entitlements, especially defense, but you also have to have tax increases. >> that is not true. obama, as i understand it, has presented a range of options brought the little group decide
in three weeks the president continued to press for a big deal to raise the debt ceiling and to reduce the deficit by $4 trillion. >> i am still pushing for us to achieve a big deal. but what i also said to the group is if we can't do the biggest deal possible, then let's still be ambitious. let's still try to at least get a down payment on deficit reduction. we are obviously running out of time. and so what i have sd to the members of congress is that you need over the next 24 to 36 hours to give me some sense of what your plan is to get the debt ceiling raised through whatever mechanisms they can thk about anshow me a plan in terms of what you are doing for deficit and debt reduction. if they show me a serious plan, i'm ready to move. even if it requires some tough decisions on my part. and i'm hopeful that over the nextouple of days we'll se this long jam broken because the american people i think understandably want to see washington do its job. >> charlie: president obama ruled out a 2.4 trillion plan proposed by house republicans. >> my expectation is thayou will probay see the h
off 7.5 points. volume was light, 762 million shares moving on the big board and 1.6 billion shares traded on the nasdaq. >> susie: investors may have a long list of worries, but it's hard to tell looking at the flurry of new stock offerings this week. they include dunkin brands, the parent of dunkin' donuts, which is also the week's largest deal. if all twelve companies on the calendar go public, it will be the best showing in almost five years. erika miller looks at what's behind this trend and what it means for investors. >> reporter: if there's one thing the stock market hates , it's uncertainty. so why would companies like dunkin donuts rush to go public this week of all weeks? there's lots of anxiety in financial markets about raising the nation's debt ceiling. and if a deal is not reached by next week, stocks could be headed for serious trouble. but i.p.o. expert richard peterson says dunkin and others are focused on the positives. >> the conditions are ripe for companies to raise capital in this environment, where the economy is growing, albeit at a slow rate. >> reporter: d
, it actually has these built in very significant disincentives towards making big deals, towards working together. and we are now seeing the fruits of that evolution in the house in particular. let's talk about the house in particular. john boehner has been a very interesting figure in all of this. at one point he was walking in the back door of the white house and trying to cut a deal with the president. obviously, shamed out of that. so now he came up with his own deal and spent a lot of time last night bringing people in through his front door, recalcitrant republicans, to get them on board. is he wounded by what happened this week? is he strengthened? >> i think what happened this week is that we have seen how little leverage and how weak john boehner really is. you know, he has a leadership style that he has said, you know, after the top-down leadership style we saw with nancy pelosi, that he wanted to be a consensus leader, that things would come from the bottom up and he won his majority in the house because a lot of these freshmen ran specifically against the establishment and ag
of the microsoft campus. this is second only to their headquarters. the big cities are already jammed and in the next 10 years, they expect the largest internal migration in history there is a downside to all of this gallup and growth and you can see it, a thicket ago, bikes dominated the streets. today, everyone would like a car. -- a decade ago, bikes dominated the streets. the government has limited car ownership but in that edict might be too little, too late. the growth model could derail all of the economic gains of the past two decades. and this is a part in the heart of shanghai. three years ago, this is little more than an urban jump that was left behind when the world expo site was left behind and gutted. kongjian yu is the founder of turenscape, one of the most acclaimed design firms. he is an advocate for environmental sustainability and was brought in literally to change the landscape. >> every contaminated water and soil. in china, 75% of the water. all of the major leagues in china and the rivers, this runs through the city's and they have been contaminated. we decided
have overinterpreted the mandate from 2010. so we will have a big debate in 2012. there's no question about that. and an important debate. but i'm not sure that the voters will resolve it finally so that whoever is in power in 2013 can be able to go in the direction that they say they wt to. >> if you don't get the debt problem resolved, he knows it's going to nip at his heels at ever turn, no longer how long he's president of the united states. that's the underlying problem. even if you get to that point, there's a disagreement, i think, ideologically about what the government's role ought to be in that kind of economic policy. >>e continue this evening the documentary filmmaker and photographer with interesting ideas, not only about filmmaking, but also interviewing. >> i don't think that i discover that isn't there already. i would, again, describe it differently. i would say it's a desire, not to impose some idea of what a person is like on the movie that i'm making, but a process of discovery, of trying to uncover, in some way, something new, something interesting, something vita
of all, there is no baseball team. my dad had one year of college and he came out here, took a big risk. he is a self-made man, or was. my dad has passed away. but we got in a car, my vote -- my older brother and i, and picked up stakes and came down here and he did not make a deal in the real estate business for two years. but then my younger brother and sister were born. my mama was from a family of 11. we would go back every summer in the family car. tavis: california to detroit, every summer? >> we are sleeping on the floor and arguing who gets to sleep on the floor and who gets the hump in the middle. tavis: i have nine brothers and sisters, and we had a station wagon. used to run to the car to avoid sitting on the hope. >> we argued, and i was the younger of the two. my younger brother and sister were babies. there was no air conditioning, and with diaper changing and all of that. my mom was born in pennsylvania and that they were coal miners. they moved to detroit. detroit was the place where you could pick yourself up and improve your station in life. they all ended up in the au
shot and a childhood. we really became brothers as opposed to big brother, little brother just hanging around and doing stuff. we have never really thought about the racial element as something that was anything but a binder. tavis: it was not just a relationship between you and michael but you ended up bringing on -- let me put it this way, his immediate family ended up being your extended family. they came to live with you at a certain point. >> a year after i met him, social services was considering taking the kids away from their mom. there was all kinds of abuse. what i did is that i took the three oldest children and they came and live with me in an apartment in south philadelphia for the summer. i don't know how to cook or do anything. it was chaos. i don't know if it was worse or better for them. tavis: [laughter] it might have been worse. >> they remember the smallest details. we all pitched in to get there. it was no big brother, little brother, we were all the managers of that apartment. her mom finally got her act together and got into subsidized housing. that was the end f
. >> reporter: the leaders said the convention was valuable, but as always the big challenge will be turning talk into action. i'm kyung lahton at lam best palace in london. >> kim will have a special report from the holy land next week. >>> in alabama, faith-based groups are among those challenging a new immigration law scheduled to take effect in september. the new state law requires police to check the immigration status of anyone they stop for another violation. it will be a crime to knowingly transport or house an illegal immigra immigrant. some churches are helping to educate the community about the new legislation those who fear they could be deported are for the care of their children in case they are forced to leave the country. and if i could go to washington, i would say let my people stay. this is the land of flowing with milk and honey, they came from misery and slavery to a place where they could earn a living for their family and they have hope for their children, and to send them back is not right. >> other states are also adopting tough immigration laws, but in usually conse
struggling. on top of the eurozone is a big market for u.s. multinational firms. so, it's no wonder that economist bruce kasman says it's really bad timing for a rate hike in europe. >> the euro area as a region delivers less in terms of growth as it could in helping the global economy, and then finally it adds risks and vulnerabilities to the really tough adjustments going on in greece and other peripheral countries right now. to be sure, a quarter of a percentage point increase in european rates tomorrow is likely to have only a nominal effect on u.s. growth. the concern is that the european central bank will proceed down a path of tighter monetary policy. >> the step that will be taken tomorrow by itself is not that big a deal, but the signal, if it gets realized in terms of further movements over the next six to 12 months, could have an impact in making it a little harder for the u.s. to get growth than it otherwise would. >> reporter: the good news is that buyers of u.s. stocks don't appear to be troubled by higher interest rates in other areas of the world. equity strategist a
-- it has big tax increases in it and all the spending cuts will happen in the out years. well, how many times do politicians think they can pull that one over on the american people? >> reporter: the split among republicans made it difficult for party leaders to determine just what might pass the house. whatever it turns out to be, it still must be acceptable to senate democrats and ultimately to the president. this morning, the senate's majority leader democrat harry reid challenged house speaker john boehner to take matters in hand. >> right now, i'm at a point where we need to hear from the house of representatives. we've planned to go forward over here, but until we hear from the house all our work is for naught. i await word from the speaker. >> reporter: in the meantime, there's general agreement that translating the complex gang of six plan into legislation and votes before august second, is likely unrealistic. that could put the short-term emphasis back on a senate backup plan to let the president raise the debt ceiling on his own pending some final, long-term agreement. >> ifil
of either of our two parties right now. and i think that is the big challenge right now. how do we basically develop a political platform and a mandate to do those four things. >> i would add a couple things. to what tom said which i basically agree with. but first there is a cultural element here. it's not just a problem in washington, it's a pblem in the culture. a nation where people have distrust of authority, don't trust government, unwilling to accept sacrice, feel very threatened, want pore government than they are willing to pay for, and so there has to be a gigantic education campaign to go under that. and then the second thing i would add, and tom talked about a hybrid politics, i uld say we'vead it. and we just have to rediscover it. and i go back perpeally to my hero alex aner hamilton who created this hrid politics it was not -- he got us out of the big government versus small government debat he stood for lited b energetic government to enhance social mobility. so people in the hamiltonian practise decision which include the wig party and the lincoln an republican party at the
, with the big board trading over one billion shares, nasdaq volume 2.4 billion. the economy worsened in about half the country in recent weeks due to weak home sales and signs of a slowdown in manufacturing. a federal reserve survey out today shows seven of the fed's 12 bank regions reported slower growth. and in another sign of new weakness in the economy, the commerce department says there were fewer orders of aircraft, autos, heavy machinery and computers last month. orders for durable goods fell by 2%. >> reporter: i'm diane eastabrook in orion township, michigan. still ahead, i'll tell you how general motors plans to make money selling this small car with help from the u.a.w. >> susie: can you say $1,630 an ounce? that's the new record for gold prices set today, before the precious metals encountered selling. in new york trading, gold futures lost $2 to settle at $1,617 an ounce. but, as suzanne pratt reports, gold prices could continue to shine on. >> reporter: at morningstar's jewelers and pawnbrokers in hollywood, florida, business is sparkling. but, it's business from customers looki
a big jobs generator, the place they call the space coast. but in particular today i spent some time talking with travis thompson who has spent 33 years here at the kennedy space center working on the shuttle program. he is the lead technician on the clogout crew, the guys who button them up, the astronauts, strap them in, shut the door and send them off to space. he and his team, it was a very emotional day for them. as they were finishing up their job they had put together a series of cards with messages talking about their appreciation for the program, their patted rotism and frankly -- patriotism and their sadness, and the final word was god bless america, held by travis thompson himself. this is travis thompson's last day on the job, after 100 shuttle missions, getting the crews strapped in and ready to go to space, tomorrow he has no job. where he is going to go to work. as he said, my job is putting human beings in spacecraft to go to space. i don't see a lot of prospects for doing that somewhere else. so it is a poignant moment for him. >> so finally, miles, look back with us
for a solution that would require both big cuts in spending and more revenue. >> so the bottom line is this -- any agreement to reduce our deficit is going to require tough decisions and balanced solutions. the president urged congress to reach a deal now. >> if the united states government, for the first time, cannot pay its bills, if it defaults, then the consequences for the u.s. economy will be significant and unpredictable. and that is not a good thing. >> we have a special report coming up later on the moral arguments in washington's intense debate over debt, spending and taxes. >>> in new york, there were celebrations after that state legalized gay marriage. some religious groups, however, continued to voice their objection to the law. new york's catholic bishops said the law will undermine marriage and family. in a separate statement, the bishop of brooklyn warned catholic schools against bestowing any distinctions and honors on the governor or on legislators who voted for the law. >>> in other news, palestinian leaders formally announced their decision to seek united nation
to the business, it's search! >> tom: corporate earnings season heats up with big numbers from google and a healthy quarter from j.p. morgan. it's "nightly business report" for thursday, july 14. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. almost $7 billion in sales equals another blockbuster quarter for google, a blowout beginning to earnings for technology companies. susie, internet search and search advertising continue driving the big profits at the web giant. >> susie: tom, google's earnings surged almost 40% and google stock soared as well, up over $60 or 12% after the closing bell. google earned $8.74 a share in the second quarter, about $1 more than analyst estimates. google continued its hiring blitz, adding 2,400 employees during the quarter. paid clicks, or the number of times internet users clicked on the company's ads, rose 18%, in line w
and protecting itself. >> to which one answer might be "so why is it so big?" i mean, it is a vast territorial power which has, of course, significant ethnic minorities. they have large territories. >> rose: so you're suggesting that there is a history of chinese imperialism and any other historian who suggests that... >> no, no. i think that henry kissinger is clearly right. that it is not an eansionist power inhe sense thatfor exame, russia was. expanding constantly but i think... >> rose: and certain after the war. >> but i think that what you see already is a chinese strategic doctrine and kissinger, i think, would not dispute this which stakes an ambitious claim to a spheref influence as we rightly said and that would provoke conflict so i i think we're entering very very difficult times >> rose: well, your oxford colleague neil ferguson suggests that nationalistic forces will overwhelm and that there will be a conflict between... in some way between the united states and china. >> well any historian who has looked at the history of the rise and fall of great powers would say such shifts
, materials. >> that money could make a big difference to a lot of people. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: high-level democrats and republicans alike said today's meeting at the white house marked the beginning of the end game in reaching a final deal on deficit reduction. the president and congressional leaders convened in the white house cabinet room, amid talk of a grand bargain involving social security, medicare and tax reform. when it was over, mr. obama made an unscheduled appearance in the briefing room. >> i thought it was a very constructive meeting. people were frank. we discussed the various options available to us. everybody re-confirmed the importance of completing our work and raising the debt limit ceiling so that the full faith and
be a big deal if the u.s. government couldn't pay its debts but i don't think that's where we're going to end up. we're not greece. greece is a small economy, greece is way, way deeper in hot than we are. people have lots of options where to put money and greece is low on their list because they think there's going to be a default. where the greece metaphor comes in is that greece and portugal and spain and ireland have raised questions about whether governments keep their promises. and to the extent that the congress and the president can agree on a long run fiscal plan, it raises the question of, are we ever going to get our act together so that we don't become greece? >> and is the market yet or do you suspect it will either price this in or panic? >> it's been amazing how calm the markets have been and i think there are two reasons for that. one is, they kind of assume that eventually washington will do what it has to do. and secondly, greece and europe have been such a preoccupation that nobody wants to have money there, so they've moved money to the u.s. as europe has done its ev
for the auto industry. we examine the new round of labor talks between the u.a.w. and detroit's big three. >> ifill: ray suarez gets an update on the turmoil in libya. >> brown: and we close with a paul solman story about a convicted murderer and middle school dropout who now makes $80,000 a year after completing college while behind bars. >> these are my dreams. i fit in right here, but this is what i'm looking at, this is where i want to be, this is where i can be, this is where i deserve to be. >> brown: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> i mean, where would we be without small businesses? >> we need small businesses. >> they're the ones that help drive growth. >> like electricians, mechanics, carpenters. >> they strengthen our communities. >> every year, chevron spends billions with small businesses. that goes right to the heart of local communities, providing jobs, keeping people at work. they depend on us. >> the economy depends on them. >> and we depend on them. and by the alfred p. sloan foundation. supporting scie
of the supplies a grower might need, everything but pot itself. but, for mann and peterson, the big prize was across the bay in oakland, where, that same summer, the city was making headlines with a bold new plan. >> oakland could soon become the first city in the country to make growing pot in large warehouses legal. >> last night, oakland becoming the first city to authorize industrial-scale farms to grow medical marijuana... >> montgomery: oakland's idea was to auction off four licenses for massive indoor grow facilities to supply the state's medical marijuana dispensaries, the first official experiment with industrial-scale pot production in the country. ( applause ) oakland city officials were feeling pretty confident about the plan. in october, at the opening of the we grow marijuana superstore, the main candidates for mayor were running hard on the economics of pot production. >> people often ask me how much taxes do we get currently? under the current system, we're getting just under a million dollars in taxes... sales tax for the medical marijuana. but when the production facilit
we have a small wall and we're gradually moving to a big wall. and we'l graduly see one brick after another. it's hard work. it's partly imagination, a lot of it is perspation. i mean aot of it is just real grind in the laboratory. it needs money it needs resource. it needs focus d i ink there's many really good people including some at my own institution rockefeller university who are doing excellent work in this area. >> where are we in terms of are reaping t benefits of the map of the human again ly. >> switch to the genome. >> yes. what i can say about that. the first thing is some people have been a little disappointed because they felt you know we got the genome that was nearly the end of the story. >> dow understand their disappointment. >> i understand this because in fact we should have made it clear as scientists is actually the beginning of the story. i have a metaphor for this. if you were writing a play, the sequence of the genome is like having the list of characters at the beginning of the play. and the job, you can't write the play without the list of characters, tha
it would have made a big difference in my household. frankly, i don't think 10% is a bad number. i think you get the number too high, and you end up putting too much of your grade on filling out forms at home where you might or might not have gotten help with it. as opposed to measuring what you have actually learned or what your participation level is. so, i -- i'm not convinced that grading homework really should be a huge part of your grade. >> but do you think homework is part of learning for students. >> sure. >> it seems like there's an hour in the classroom and there should be a couple of hours after the classroom as well. >> then you run into problems where kids in middle school have six or seven different teachers, and if each teacher gives a half hour of homework, at night, you have got kids with three-and-a-half hours of homework after they get home from school and do their chores. which really is unreasonable. you have eliminated childhood at that point. >> there is no one-size-fits-all formula. as one of the arguments that has been brought up in favor of this policy, there a
exposure to italian paper. even american banks have almost $300 billion. is italy too big to fail? >> well, certainly it is. i mean, if you have to think about a rescue package for italy no one today has the money to put it up. i mean, let's face it, as you said before, italy is six times the size of greece. so i think that everybody should be quite calm. today the markets were doing much better. it's true, as ken was saying before, part of the confusion arose because of a fight over an internal political fight between berlusconi and finance minister tremonte. but the decree for a large austerity plan was already passed. and it was because of this fight that the markets feared that maybe this decree was not going to be approved by parliament. today the situation has been clarified. by friday this package will be passed and, you know, italy is going to go on by adopting this plan and by 2014 it will have a balanced budget which is going to be quite an enviable situation if all of this will go according to plan. >> suarez: professor rogoff, the news of the austerity plan seemed to have calme
was the big question. it was cleveland himself who recommended going on a boat. >> lehrer: that'sadll ahe on tonight's "newshour." major funding for the pbs newshour has been provided by: >> well, the best companies are driven by new ideas. >> our history depends on new ideas. we spend billions on advanced technologies. >> it's all about investing in the future. >> we can find new energy-- more cleaner, safer and smarter. >> collaborating with the best in the field. >> chevron works with the smartest people at leading universities and tech companies. >> and yet, it's really basic. >> it's paying off everyday. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: senate democrats vowed to stay in session around the clock to resolve the debt crisis. house republicans modified their plan
, to the red, white, and blue. in the big apple and elsewhere, the day will end with the usual bursts of color, lighting the night sky-- a once-a-year moment, cherished by millions. but, in some places, this year, the sky will be silent. raging wildfires and dry weather in arizona, new mexico, and texas have forced authorities to cancel fourth of july fireworks in certain areas. >> a lot of people are going to be really disappointed, i thinkç >> woodruff: the patriotic spirit isn't felt only in the united states. these u.s. soldiers stationed in southeastern afghanistan held a flag raising ceremony to commemorate the 4th. and at kandahar airfield general david petraeus spent his last independence day as commander of u.s. and nato forces in afghanistan, with the troops. petraeus set to take up his new job as c.i.a. director later this year, today administered the oath of re-enlistment to 235 service members.çç >> you can really feel the honor, especially when you get a general like general petreas come down and do it for us. it makes it really feel a lot more important to me. it'll be nice
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